Anthropic Delays IPO Targeting Record $2 Trillion Valuation

AI developer Anthropic has delayed the launch of its initial public offering, with marketing now expected to begin in mid-October at the earliest. The company aims to complete the listing shortly before the U.S. midterm elections on November 3. While the IPO prospectus was previously anticipated as early as the second week of September, it is now expected in late September.

Some investors project a float valuation of $2 trillion, which would make it one of the largest IPOs in history. This valuation is supported by rapid revenue growth; the company's annualized revenue run rate reached over $65 billion by the end of July, up from approximately $9 billion at the end of 2025. Anthropic projects revenues between $190 billion and $200 billion by 2028. To support the transition, the company is finalizing a $15 billion revolving credit facility with advisors including Citigroup.

Strategic partnerships continue to bolster the company's infrastructure. Advanced Micro Devices has committed a strategic equity investment of up to $5 billion through fiscal year 2028, while Anthropic agreed to deploy up to 2 gigawatts of AMD Instinct MI450 series GPUs starting in early 2027. Alphabet has also provided backing with a commitment of up to $40 billion. Anthropic confidentially submitted its draft registration statement to the U.S. Securities and Exchange Commission on June 1.